India to Have Policy for Shale Gas, CBM Soon

India is moving towards taking policy initiatives for exploration of shale gas and coal bed methane to enhance country’s energy security.

Oil minister Veerappa Moily said shale gas would be a game changer for India. "We will take a shale gas policy to the Cabinet in two weeks," he was quoted by Economic Times as saying.

The oil ministry is also planning to unveil a new coal bed methane exploration policy to tap estimated 92 trillion cubic feet of gas reserves, Moily said. "We are in touch with the coal ministry and a policy is expected in three months time," he said.

"We are expeditiously resolving all pending issues. The cabinet committee on investment recently has cleared five of eight blocks involving over $10 billon investments. Decision on other 31 blocks is expected soon," he said in an interaction with reporters and editors at a conference in New Delhi earlier this week.